OAKVILLE, ON, Aug. 4 /CNW/ - Sheltered Oak Resources Corp. ("OAK"), announced today that in connection with the previously announced acquisition by OAK, through its wholly-owned subsidiary Sheltered Oak Resources Inc., of a 100% interest in Sage Gold Inc.'s ("Sage") unpatented claims and leasehold interests in the Larder Lake Mining District in Kerrs Township in the Abitibi Greenstone Belt of Ontario (the "Kerrs Gold Property"), OAK and Sage have agreed to accelerate the payment of the cash portion of the purchase price in consideration for a reduction of the cash portion of the purchase price from $500,000 to $400,000.

OAK also announced today that the board of directors has appointed J.J. Elkin, the current President of OAK, as President and Chief Executive Officer of OAK to replace Robert K. Hanson who has stepped down from the position of Chief Executive Officer for health reasons. Mr. Hanson will remain as a director of OAK.

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